Powergrid Infrastructure Investment Trust logo

Powergrid Infrastructure Investment Trust

PGINVIT NSE

Key Fundamentals

MicrocapPower TransmissionPower
Market Cap
₹9,294 Cr
P/E Ratio
10.25
EBITDA
₹1,331 Cr
Return on Equity
12.09%
Debt to Equity
0.14
Book Value
₹90.32
EPS
₹10.25
52W High
₹104.5
52W Low
₹86.3

Tapetide Score

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Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 110%

Weaknesses

2
  • Tax rate seems low
  • Company has a low return on equity of 13.2% over last 3 years.

Growth Rate

Revenue Growth
-0.65% higher than 3Y
Net Income Growth
-22.19% lower than 3Y
Cash Flow Change
-3.26% higher than 3Y
ROE
-20.36% lower than 3Y
ROCE
-26.62% lower than 3Y
EBITDA Margin (Avg.)
-22.3% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk medium

Powergrid Infrastructure Investment Trust is a ₹9,045 Cr market cap InvIT sponsored by Power Grid Corporation of India, holding 5 SPVs with 3,699 circuit km of transmission lines. It trades at a PE of 10.2x with a distribution yield of approximately 12% (₹12 per unit annually), while FY25 revenue was largely flat at ₹12.69 billion (+0.26% YoY) and net income rose 26.9% YoY to ₹11.76 billion.

Bull Case 8
  • High distribution yield of ~12% (₹12 per unit annually), significantly above the 3.05% dividend yield on face value, providing strong income visibility for unitholders
  • Regulated transmission assets with average remaining Transmission Service Agreement life of ~27 years, offering long-term revenue visibility
  • FY25 net income grew 26.9% YoY to ₹11.76 billion, indicating improved profitability after acquiring residual 26% stake in SPVs
  • Attractive PE multiple of 10.2x relative to utility sector peers, suggesting reasonable valuation for a regulated-return asset
  • Dividend payout ratio of 110% demonstrates management commitment to maximizing distributions to unitholders
  • Portfolio of 3,699 circuit km includes 3,174 ckm at 765 kV (high-voltage backbone), which are critical national infrastructure assets with minimal demand risk
  • Now holds 100% equity in all 5 SPVs after acquiring the residual 26% stake in FY25, eliminating minority leakage and simplifying the structure
  • Price-to-book of 1.12x is close to book value, offering limited downside from an asset-value perspective for a regulated utility trust
Bear Case 8
  • Promoter holding is low at 15.0%, which limits sponsor alignment and could raise governance concerns for a trust structure
  • Revenue has been stagnant with TTM sales growth of -1% and 3-year CAGR of -1%, reflecting the fixed-tariff nature with no organic growth lever
  • 3-year unit price CAGR of -5% and 5-year CAGR of -3% indicate persistent capital erosion despite income distributions
  • TTM profit declined 23% suggesting recent quarterly earnings volatility despite the full-year FY25 improvement
  • Return on equity of 13.2% over 3 years is modest for an infrastructure trust and below the cost-of-equity expectations for many investors
  • No meaningful avenue for asset acquisition growth since the sponsor has limited ROFR pipeline disclosed, capping NAV accretion potential
  • Payout ratio exceeding 100% (at 110%) may not be sustainable long-term if depreciation and debt repayment obligations rise
  • Flat revenue base of ~₹12.7 billion with fixed tariff contracts means distributions are capped and cannot benefit from inflation or demand upside

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 2
  • Q1FY27 profit up 10% YoY Jul 28

    Consolidated net profit rose 10% YoY to ₹1,851.15 million in Q1FY27. Board approved ₹3.00 per unit distribution payable by August 7, 2026.

  • Borrowing limit hike proposed Jul 17

    Powergrid scheduled a July 22 meeting to review raising the FY2026-27 borrowing ceiling from ₹30,000 Crores to ₹35,000 Crores, a ₹5,000 Crore enhancement to fund growth.

Neutral 3
  • FY26 financials approved by unitholders Jul 28

    Unitholders approved audited financial statements and valuation report for FY26 at the fifth annual meeting held on July 28, 2026.

  • Public holds 85% of units Jul 9

    As of June 30, 2026, sponsor group holds 15% and public holds 85% of total PGInvIT units.

  • Independent Director appointed Jul 6

    Ministry of Power appointed Smt. Anita Soren as Independent Director on the Board of POWERGRID Unchahar Transmission Limited for three years.

TL;DR: PGInvIT delivered steady Q1FY27 results with 10% profit growth and a ₹3/unit distribution, signalling healthy cash generation from its transmission assets. No material headwinds are visible; the borrowing limit enhancement proposal indicates appetite for asset expansion. The unitholding pattern remains stable with broad public participation. Overall trend is stable-to-positive, with the borrowing decision outcome a near-term catalyst for growth visibility.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
314
318
319
314
316
320
320
311
313
317
317
311
311
Expenses
29
-133
20
-70
22
188
20
-649
21
-93
19
17
22
Operating Profit
285
451
299
385
293
132
300
960
292
409
297
294
290
OPM %
91%
142%
94%
122%
93%
41%
94%
309%
93%
129%
94%
94%
93%
Other Income
7
7
10
12
11
9
10
9
12
10
8
9
8
Interest
12
12
12
12
12
12
12
21
20
18
18
18
18
Depreciation
78
79
79
79
79
80
80
78
79
80
80
78
79
PBT
202
368
218
307
214
50
218
870
205
321
207
207
201
Tax %
6%
14%
5%
12%
6%
-60%
6%
21%
7%
13%
5%
-18%
8%
Net Profit
191
316
207
269
201
80
204
687
191
279
198
244
185
EPS in Rs
2.05
3.18
2.18
2.77
2.12
1.1
2.15
7.55
2.1
3.07
2.17
2.68
2.03
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,217
1,286
1,265
1,266
1,258
1,256
Expenses
446
1,599
-161
-419
-35
-34
Operating Profit
771
-313
1,427
1,686
1,293
1,291
OPM %
63%
-24%
113%
133%
103%
103%
Other Income
26
30
31
39
39
35
Interest
0
41
47
56
74
72
Depreciation
270
315
315
317
317
317
PBT
528
-640
1,095
1,352
940
937
Tax %
12%
-30%
10%
13%
3%
—
Net Profit
463
-446
982
1,172
912
906
EPS in Rs
5.57
-2.14
10.18
12.92
10.02
9.95
Div. Payout %
189%
-700%
118%
93%
120%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9,100
9,100
9,100
9,100
9,100
Reserves
-106
-1,394
-1,559
-1,379
-1,559
Borrowings
575
572
569
1,072
1,064
Other Liabilities
2,286
1,765
1,872
1,394
1,403
Total Liabilities
11,854
10,043
9,983
10,187
10,008
Fixed Assets
10,892
9,074
9,042
9,235
9,047
CWIP
4
15
7
10
16
Investments
0
0
0
0
0
Other Assets
958
955
933
942
944
Total Assets
11,854
10,043
9,983
10,187
10,008
Figures in ₹ Crores

Cash Flow

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,164
1,181
1,230
1,215
1,176
Investing
-629
-154
10
-531
13
Financing
-224
-1,195
-1,182
-674
-1,174
Net Cash Flow
311
-168
58
9
15
Free Cash Flow
855
1,163
1,206
1,211
1,162
CFO/OP
152
-389
86
72
93
Figures in ₹ Crores

Ratios

Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
100
93
78
59
54
Cash Conversion Cycle
100
93
78
59
54
Working Capital Days
107
99
85
67
61
ROCE %
—
-6%
13%
16%
12%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs10.95%Public48.22%Promot.15.00%Others25.83%As ofJun 2026

Documents

Frequently Asked Questions about Powergrid Infrastructure Investment Trust

What does Powergrid Infrastructure Investment Trust do?
Powergrid InvIT (Infrastructure Investment Trust) owns, constructs, operates, maintains, and invests in power transmission assets in India. Powergrid InvIT registered with SEBI as an InvIT on January 7, 2021.[1]
Where is Powergrid Infrastructure Investment Trust (PGINVIT) listed?
Powergrid Infrastructure Investment Trust trades as PGINVIT on the NSE and under code 543290 on the BSE.
Which sector does Powergrid Infrastructure Investment Trust belong to?
Powergrid Infrastructure Investment Trust is classified under the Utilities sector, in the Power industry.
What is the market capitalisation of Powergrid Infrastructure Investment Trust?
Powergrid Infrastructure Investment Trust has a market capitalisation of ₹9,294 Cr, which places it in the Mid Cap band.
What is the PE ratio of Powergrid Infrastructure Investment Trust?
Powergrid Infrastructure Investment Trust trades at a PE ratio of 10.25, on earnings per share of ₹10.25, against a book value of ₹90.32 per share.
What is the 52-week high and low of Powergrid Infrastructure Investment Trust?
Over the last 52 weeks Powergrid Infrastructure Investment Trust has traded between ₹86.3 and ₹104.5.
Does Powergrid Infrastructure Investment Trust pay dividends?
Powergrid Infrastructure Investment Trust has a dividend yield of 2.94%.
What is the Return on Equity (ROE) of Powergrid Infrastructure Investment Trust?
Powergrid Infrastructure Investment Trust reported a return on equity of 12.09%. Its debt-to-equity ratio is 0.14.

Company Information

Powergrid InvIT (Infrastructure Investment Trust) owns, constructs, operates, maintains, and invests in power transmission assets in India. Powergrid InvIT registered with SEBI as an InvIT on January 7, 2021.[1]

Website pginvit.in
Listed 2021-05-14
Face Value ₹ 100
Issued Size 90,99,99,200

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